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LS Electric's subsidiary, LS e-Mobility Solutions, has recently finished building an electric vehicle parts manufacturing plant in Durango, Mexico. With its eye on the North American electric vehicle market, the company aims to provide cutting-edge EV components to support the growing demand for electric vehicles in the region.
State-of-the-Art Facility in Durango
The newly constructed Durango plant, covering an area of 35,000 square meters, boasts advanced capabilities for manufacturing EV parts. Korea Herald reported that it can produce 5 million EV relays and 4 million battery disconnect units annually.
With an average electric vehicle requiring 20 relays or more, the plant has the potential to supply EV relays for up to 250,000 electric cars each year. The completion of the Durango site comes just 18 months after LS e-Mobility Solutions announced its construction plans in July 2022.
LS e-Mobility Solutions Sets Ambitious Goals
Korea Times noted that LS e-Mobility Solutions, following its split from LS Electric in April 2022, aims to establish a strong presence in the North American market. The strategic location of the Durango plant in Northern Mexico provides logistical advantages for local deliveries. The company plans to maintain partnerships with major North American automakers, including Ford and Stellantis and intends to invest further in expanding the production lines at the Durango site.
With aspirations to achieve 700 billion won ($523 million) in North American sales and 1.2 trillion won in global sales by 2030, LS e-Mobility Solutions is positioning itself as a critical player in the evolving electric vehicle industry. The global EV relay market is projected to reach 7.3 trillion won by 2030, indicating significant growth potential for LS e-Mobility Solutions.
Moreover, the record-breaking sales of 1.2 million electric vehicles in the US last year, accounting for 7.6 percent of the total US vehicle market, highlight the increasing adoption of electric vehicles in the region. LS e-Mobility Solutions already boasts an impressive backlog of orders, amounting to over 1 trillion won within a year of the split-off. Notably, the company secured a 250 billion won EV relay supply deal with Hyundai Motor Company and Kia in August last year.
Photo: LS e-Mobility LinkedIn Page
